Nigerian bourse

Stress Sign: Black Market’s Cheaper Than Official Naira Rate

Posted on by The Editorial Team
Stress Sign: Black Market’s Cheaper Than Official Naira Rate

LAGOS (Capital Markets in Africa) – Nigeria’s new currency market is showing just how severe the country’s dollar shortage is. The naira is falling to levels weaker than the black-market rate in a foreign-exchange window set up for international investors and hedge funds last month. It’s a sign of how dysfunctional currency markets have become in Africa’s largest economy as officials enforce multiple exchange rates and trading and import restrictions. Funds including Chicago-based Frontaura Capital, South Africa’s Allan…

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Foreign Portfolio Investors are net sellers on the NSE in May 2015

Posted on by The Editorial Team
Foreign Portfolio Investors are net sellers on the NSE in May 2015

Lagos, Nigeria (Capital Markets in Africa) — Foreign Portfolio Investor (FPI) transactions at the Nigerian bourse decreased to N79.77 billion (about US$ 0.41 billion) in May 2015, down 23.26% from April 2015, amid uncertainity in the fiscal policy direction of the new government, resulting from delays in the appointment of key Ministers. Also, the recent currency control policy by the Central Bank of Nigeria to defend the local currency to preserve the foreign reserves. The local…

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